Brazil still top country searching for SoFla real estate

For the 12th consecutive month, Brazil was the No. 1 foreign country searching for South Florida real estate online in May, according to the Miami Association of Realtors.

Over the past year and a half, Brazil has dominated the list for all but three months. Colombia, Canada, Venezuela and Argentina all followed for May of this year.

Miami is still viewed as a bargain for foreign investors, the Miami Association of Realtors said. A 1,290-square-foot condo in South Florida costs nearly $150,000 on average. A similarly sized unit in London would cost $960,840, $776,280 in Hong Kong and $1.6 million in New York.

In 2014, Brazilians registered 11 percent of all South Florida international real estate deals, according to a report conducted by the National Association of Realtors for Miami. They spend the most on South Florida properties among foreign buyers, paying an average of $495,000, compared to $444,000 for all international buyers.